USD/JPY: wave analysis
07 August 2019, 10:22
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 106.21 |
| Take Profit | 108.13, 108.94 |
| Stop Loss | 105.48 |
| Key Levels | 103.00, 104.00, 105.48, 108.13, 108.94 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 105.40 |
| Take Profit | 104.00, 103.00 |
| Stop Loss | 106.00 |
| Key Levels | 103.00, 104.00, 105.48, 108.13, 108.94 |
The pair may grow within the correction.
On the 4-hour chart, a large correction of the higher level developed as the wave B. Now, the formation of the wave C of the higher level has begun, within which the first wave 1 of (1) of C has formed as a diverging wedge. If the assumption is correct, the pair will grow within the wave 2 to the levels of 108.13–108.94. In this scenario, critical stop loss level is 105.48.
Main scenario
Long positions will become relevant during the correction, above the level of 105.48 with the targets at 108.13–108.94. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 105.48 will let the pair go down to the levels of 104.00–103.00.
On the 4-hour chart, a large correction of the higher level developed as the wave B. Now, the formation of the wave C of the higher level has begun, within which the first wave 1 of (1) of C has formed as a diverging wedge. If the assumption is correct, the pair will grow within the wave 2 to the levels of 108.13–108.94. In this scenario, critical stop loss level is 105.48.
Main scenario
Long positions will become relevant during the correction, above the level of 105.48 with the targets at 108.13–108.94. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 105.48 will let the pair go down to the levels of 104.00–103.00.
No comments:
Write comments